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When Rebooking Floating Rate Contract, Interest Streams During Rebook Recalculate Interest (Doc ID 2772615.1)

Last updated on MAY 10, 2022

Applies to:

Oracle Lease and Finance Management - Version 12.2.8 and later
Information in this document applies to any platform.


On : 12.2.8 version, Customer Service

In Lease Management, when doing a rebook on a floating rate contract, interest streams during rebook recalculate interest

The scenario occurs for floating rate contracts that have 1 payment due at the end of the term, and this payment is stubbed by approx. 270 days.

When users modify this contract and extend the maturity date of the principal payment another 90 days in the future, but leave the interest payment due at the same 270 days, the interest stream during the rebook recalculates the interest due on the original interest due date and in some cases adds an extra day to the calculation, and in other cases reduces the amount of interest due.

The expectation is that interest recalculates during the rebook should not be different from the original calculation for the same period

The issue can be reproduced at will with the following steps:
1. Lease Super User > Create floating rate contract
2. Run CRVRI and review the interest calculation
3. Perform rebook > the Interest recalculated during the rebook is different from the original calculation




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